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OLR/155/2009 7/ 7 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
OFFICIAL
LIQUDATOR REPORT No. 155 of 2009
In
OFFICIAL
LIQUDATOR REPORT No. 70 of 2005
In
COMPANY
APPLICATION No. 300 of 1992
===================================
OL
OF M/S MAHARANA MILLS CO LTD - Applicant
Versus
MANAGER
- STATE BANK OF INDIA & 10 - Respondents
===================================
Appearance
:
MS
AMEE YAJNIK for Official Liquidator.
MS NALINI S LODHA for
Respondent No. 1.
MR MRUGESH JANI for Respondent No. 2.
MR
VIMAL M PATEL for Respondent No. 4.
MR NAVIN K PAHWA for
Respondent No. 5.
None for Respondent No. 6.
DELETED for
Respondent Nos.7, 10,
DHARMESH D NANAVATY for Respondent No.
11.
===================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 09/07/2010
ORAL ORDER
The Official
Liquidator has filed this report making following prayers :-
Whether this
Hon’ble Court would be pleased to permit the Official Liquidator to
accept the offer of M/s. Sarvaiya Exports Pvt. Ltd., Ahmedabad for
Lot No. A for Rs.1,60,00,000/- as against the upset price of
Rs.1,50,00,000/- as per the terms and conditions of sale or on such
other and further terms and conditions as may be decided by this
Hon’ble Court.
Whether this
Hon’ble Court would be pleased to permit the Official Liquidator to
accept the conditional offer of Rs.6,51,00,000/- received from M/s.
Sarvaiya Exports Pvt. Ltd., Ahmedabad for Lot No. B as against the
upset price of Rs.3,10,00,000/- and if this offer is accepted then
this Hon’ble Court may be pleased to direct M/s. Jagdish Oil
Industries Ltd., Mumbai to vacate the premises occupied by them or
to raise their offer beyond Rs.6,51,00,000/-.
Whether this
Hon’ble Court would be pleased to confirm the sale of the assets of
the Company in Lot Nos. D, E & F as a composite lot (except
records and land) in favour of M/s. Chechani Trading & Company,
Ahmedabad for an amount of Rs.10,25,00,000/- as against the upset
price of Rs.4,81,50,000/- on the terms and conditions of sale as per
Tender Form at Annexure C.
Whether this
Hon’ble Court would be pleased to ratify the action taken by the
Official Liquidator in making payment of Rs.1,99,235/- to M/s.
Navnitlal & Co., Advertising Agency, being advertisement
expenses as per their bill dated 16.10.2005 at Annexure B to this
report.
This Hon’ble
Court may also be pleased to permit the Official Liquidator to pay
the expenses of Rs.1,000/- incurred as incidental expenses in
connection with the auction.
This Court has
passed several orders from time to time. So far as plant and
machinery as well as building structure consisting of Lot Nos.D, E &
F are concerned, order was passed by this Court on 07.05.2010.
Pursuant to the said order, fresh advertisement was issued and the
matter was referred to two Valuers. In response to the
advertisement, no fresh offer was received by the Official
Liquidator. Fresh valuation reports obtained by the Official
Liquidator in respect of Lot Nos.D, E & F are placed on record
in sealed covers which are opened in the Court.
As per the
Valuation Report given by BDL Infra Project Limited dated
18.06.2010, the value of building structures and furnitures and
fixtures comes to Rs.1,26,44,300/- whereas the value of plant and
machinery comes to Rs.3,66,15,000/-.
As per the
Valuation Report given by Gujarat Industrial & Technical
Consultancy Organization Limited (GITCO), the value of civil
structure comes to Rs.393.92 Lacs and value of plant and machinery
comes to Rs.381.68 Lacs. Hence, even if the higher value is
adopted, the offer made by respondent No.5 M/s. Chechani Trading
Company is on the higher side.
In the above
view of the matter and more particularly, when no fresh offer is
received by the Official Liquidator pursuant to the advertisement
given by him, the offer made by the respondent No.5 M/s.
Chechani Trading Company and as agreed by the said party before this
Court on 07.05.2010, the sale for lot No.D, E & F is confirmed
in favour of the said party for Rs.10.50 Crores subject to the terms
and conditions of the tender document. It is, however, mentioned
that the auction purchaser would pay 25% of the purchase price
within one month from today and the balance 75% will be paid within
three months thereafter. The entire building structure as well as
the plant and machinery would be removed by the auction purchaser
within a period of six months. It is further made clear that the
possession of the plant and machinery as well as building structure
of the property in question will be given to the auction purchaser
only after payment of the entire sale consideration. In case of
difficulty, it is open for the auction purchaser to approach this
Court for extension of time and such application would be decided on
its own merits. It is stated by Mr. Pahwa that the auction
purchaser will make the payment within 7 days from today.
So far as the
sale of land is concerned, the OJ appeal is already disposed of and
stay granted against sale of land is vacated. Hence, it is open for
the Official Liquidator to invite offers for the sale of land by
issuing public advertisement in two Newspapers. Since the Valuation
Report in respect of land is available, it should be mentioned in
the advertisement and procedure to that effect should be started by
the Official Liquidator. On issuance of the advertisement and
receipt of offers with Earnest money, the Official Liquidator shall
hold auction amongst the bidders whose offers are received by him
and file report before this Court for confirmation of sale.
So far as the
other prayers are concerned, the Official Liquidator is permitted to
make the payment to the Advertising Agency as indicated in prayer
(D) and the Official Liquidator is also permitted to pay the
expenses of Rs.1,000/- incurred as incidental expenses in connection
with the auction.
So far as
payment to be made to the two Valuers are concerned, the Official
Liquidator is permitted to make the payment as per the Scheme
approved and rates finalized by this Court, after filing appropriate
report and obtaining formal approval of this Court in this regard.
The Valuation
reports are given back to the Official Liquidator with a direction
to place copy of the same on the record of this Official Liquidator
Report.
No
other prayer remains in this report. Hence, the present report is
accordingly disposed of.
Sd/-
[K. A. PUJ, J.]
Savariya
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